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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 601 to 650 of 998 Records

1 ....9 10 11 121314 15 16 17........ 20

July 12, 2024 Notifications SEBI

SEBI mandates 15-day record date for interest/dividend payments, debenture trustee due diligence certificates, web-links for financials in offer docs.
July 12, 2024 Notifications SEBI

Listed firms can publish newspaper ads with QR code/website link for financial results, subject to debenture trustee approval.
July 12, 2024 Notifications GST

Amended notification reduces TCS rate from 1% to 0.5% for e-commerce operators on inter-state supplies & where consideration is collected.
July 12, 2024 Notifications GST

Rate of TCS by e-commerce operators for intra-State supplies reduced to 0.25% from 0.5% of net taxable value.
July 12, 2024 Notifications GST

MSME taxpayers with turnover upto Rs. 2Cr exempted from filing annual GST return for FY24. Easing compliance burden.
July 12, 2024 Notifications GST

Aadhaar exemption for GST revoked. Biometric authentication mandatory. Effective from gazette publication date.
July 12, 2024 Circulars Customs

New utility standardizes Voyage Call Number format for ports. Use it for non-standard VCNs & non-NLP ports.
July 12, 2024 Circulars Customs

Surat Diamond Bourse gets Air Freight Station for EDI-based imports/exports of precious cargoes, enabling electronic clearance.
July 12, 2024 Circulars GST

CSD can electronically file quarterly refund for 50% GST paid on inward supplies for Unit Run Canteens/authorized customers. Refund subject to supplier's GSTR-1 & GSTR-3B filing.
July 12, 2024 Circulars GST

Mechanism for IGST refund on upward price revision of exported goods post-export. File claim electronically under "Any other" category.
July 12, 2024 Circulars GST

Corporate guarantee between related parties: 1% p.a. of guaranteed amount or actual fee, whichever higher. ITC available. No GST on existing loans unless fresh guarantee.
July 12, 2024 Circulars GST

Circular: Recovery proceedings allowed if appeal can't be filed due to non-operational Tribunal. Pre-deposit via ELR for stay. Undertake to appeal later. Adjust DRC-03 via DRC-03A.
July 12, 2024 Case Laws GST HC

Jailed petitioner's registration cancelled sans response opportunity. HC revoked cancellation order subject to tax compliance.
July 12, 2024 Case Laws GST HC

Provisional attachment order challenged for exceeding 1-year limit. Court upheld mandatory time limit, quashing order dated 19.05.2023.
July 12, 2024 Case Laws GST HC

Petition maintainable for rights violations despite alternative remedy. Cancellation of GST registration questioned for lack of natural justice. Bogus invoices alleged.
July 12, 2024 Case Laws Income Tax HC

Faceless Assessment Unit denied video hearing despite request, mere meeting ID insufficient. Finding of non-attendance perverse. Order vitiated, remanded with directions.
July 12, 2024 Case Laws Income Tax AT

Notice u/s 143(2) issued late, assessee didn't object. Tribunal held proceedings invalid due to delayed notice beyond time limit.
July 12, 2024 Case Laws Income Tax AT

Nursery income: Agri or other? Details like land, ledger, expenses provided. Explanation 3 deems it agri. But sales register lacked order/supply dates, addresses. Partly remanded.
July 12, 2024 Case Laws Income Tax AT

Disallowance of VAT non-payment before filing upheld. Accounting method rejected. Ganapati Motors case distinguished.
July 12, 2024 Case Laws Income Tax AT

Disallowance of revenue expense claim without fair hearing violated law. Late return accepted earlier. Contradictory stance unjustified. Relief granted.
July 12, 2024 Case Laws Income Tax AT

Gynecologist deposited demonetized cash from profession. Onus discharged. Mere demonetization can't treat income unexplained. Revenue failed.
July 12, 2024 Case Laws Income Tax AT

ITAT quashed penalty order u/s 271(1)(c) as assessment order u/s 263 was unsustainable. Consequentially, penalty levy dismissed.
July 12, 2024 Case Laws Income Tax AT

Warranty expenses based on formula allowed even without past history. Accrual system prevails over actual payment year.
July 12, 2024 Case Laws Income Tax AT

Dividends from donated shares form corpus, not income, if donor directs so. Reinvestment in specified modes u/s 11(5) qualifies for exemption.
July 12, 2024 Case Laws Income Tax AT

CSR expenses allowed as 80G deduction if conditions met. AO to allow claim.
July 12, 2024 Case Laws Income Tax AT

Mere non-disclosure claim insufficient for reopening assessment beyond 4 yrs. AO must prove specific failure. Disclosure accepted earlier can't be reinterpreted later.
July 12, 2024 Case Laws Income Tax AT

Environmental compensation disallowance deleted; AO couldn't decide without examining PCB order in summary proceedings. (1)
July 12, 2024 Case Laws Income Tax AT

Non-deduction of TDS on directors' fees & transaction charges not liable for penalty. Payments to directors allowed. Bona fide belief on transaction charges.
July 12, 2024 Case Laws Income Tax AT

Transfer pricing adjustment rejected. APA relied upon. TNMM for distribution segment. No royalty/FTS. Sec 10A deduction recomputation ordered.
July 12, 2024 Case Laws Income Tax AT

TP Adjustment: TPO must examine work, agreements, functions, qualifications, remuneration to determine ITeS/KPO/BPO status. Opportunity of hearing. Assessee to produce documents.
July 12, 2024 Case Laws Customs HC

Penalty can't be levied for unfulfilled export obligations if no violation attempt. Order imposing penalty for export shortfall sans contravention quashed.
July 12, 2024 Case Laws Customs AT

Customs duty case remanded for fair hearing. Dept denied docs relied on, violating natural justice. Fresh order after providing docs mandated.
July 12, 2024 Case Laws Insolvency and Bankruptcy AT

NCLAT: IBC's Section 7 prevails over CPC Section 10. Insolvency resolution must be prompt. DRT order can't bar Section 7 petition.
July 12, 2024 Case Laws Service Tax AT

Transfer of goods with effective control retained is taxable as Supply of Tangible Goods under service tax, not VAT. Agreement clauses prevail.
July 12, 2024 Case Laws Service Tax AT

Communication of the order: Contract security person not authorized agent for service. Order traced later. Appeal allowed for merit consideration.
July 12, 2024 Case Laws Service Tax AT

Classification of service, CENVAT credit denial for non-submission of invoices, demand under tangible goods service - remanded for reconsideration after verifying facts.
July 11, 2024 Case Laws GST HC

E-way Bill: Typographical error not indicative of tax evasion intent. Active GSTIN, residential address not adverse. Penalty quashed for lack of evidence.
July 11, 2024 Case Laws GST HC

Delay in appeals can be condoned under Limitation Act if special statute lacks time limit. CBIC extended CGST appeal period. Writ can't override alternate remedies.
July 11, 2024 Case Laws GST HC

Jurisdiction for SCN on interest & penalty upheld. Statutory appeal u/s 107 required. Writ dismissed with 30 days liberty to appeal. Pre-deposit waived if 10%+ tax paid.
July 11, 2024 Case Laws GST HC

HC upheld delegation appointing proper Officers under TNGST Act. Impugned orders' validity on improper show cause notice left open for Appellate Authority.
July 11, 2024 Case Laws GST HC

GST assessment order set aside, fresh order after reconciling GSTR discrepancies; 10% tax deposit within 30 days.
July 11, 2024 Case Laws Income Tax HC

Revision u/s 263 invalid if first order quashed; res judicata applies. Accrual basis accounting allowed for trade receivables. Ministry's cash basis directive binding.
July 11, 2024 Case Laws Income Tax HC

Undisclosed foreign assets taxed when detected. Pre-Act assets deemed acquired on notice. Declare foreign assets. Anticipatory bail with conditions.
July 11, 2024 Case Laws Income Tax AT

Septuagenarian gynecologist's cash deposits during demonetization upheld, given past income, tax filings & withdrawals.
July 11, 2024 Case Laws Income Tax AT

Unsecured loans treated as bogus without credible evidence held unjustified. Reopening requires reason to believe, not mere suspicion.
July 11, 2024 Case Laws Income Tax AT

Unexplained investment in land purchase by society/trustees. CIT(A) erred. Trustees' unaccounted money used, not society's income. Double taxation avoided.
July 11, 2024 Case Laws Income Tax AT

Excess work-in-progress accepted as income u/s 69B, taxable at 30%. Deductible as closing stock next year, unlike 69C. Windmill units treated as separate undertakings for 80IA deduction.
July 11, 2024 Case Laws Income Tax AT

U/s 68 addition deleted - share premium not undisclosed income. Entry operator earning 0.5% commission on ₹40cr share capital.
July 11, 2024 Case Laws Income Tax AT

Joint property purchase: Partner paid only for his share, no TDS u/s 194IA required. Demand u/s 201(1) & 201(IA) set aside.
July 11, 2024 Case Laws Income Tax AT

Reopening invalid, no tangible material. Director's admission unsupported. Cash in laptop unproven. Reassessment quashed due to lack of evidence & improper initiation.

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